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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ N26, the German online bank backed by Peter Teal, collected $ 170 million

N26, the German online bank backed by Peter Teal, collected $ 170 million



Valentin Stallf, founder and CEO of N26, spoke at the Innovation Conference at Digital Life Design.

Lino Mirgeler |

The German online bank N26 announced on Thursday that it has collected a huge $ 170 million additional funding, valuing Fintech's six-year start of $ 3.5 billion.

waves in Europe with its application-based payment and debit card. The company does not operate any branches of bricks and mortars, and yet has managed to attract over 3.5 million customers in 24 countries across the continent.

The latest capital injection is top-up for the $ 300 million fund, announced in January, which estimated it to be $ 2.7 billion. N26 said the existing investors, including Peter Teal's Valler Ventures, Chinese tech giant Tencent, and Singapore's GIC state fund, have supported this last round.

"I think investors across the globe see the disappointment that customers face in retail banking," N26 executive director Valentin Stalfe said in an interview with CNBC. "At the same time they see that this is a huge market."

He added that the company's eye-eye assessment was "decent and actually low" for a company of this kind. "I think the company has an opportunity to be much more valuable in the future," Stall said. By comparison, British rival Monzo has recently been valued by investors at $ 2.5 billion in his last round of funding.

Fresh money will help the N26 increase hiring and fuel its global expansion strategy. At present, the company has 1

,300 employees worldwide. After recently launching in the US, the German Fintech company already has its sights in Brazil and should start next year.

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